Senate passes Small Business Lending Bill

The U.S. Senate passed its version of the Small Business Jobs Act, also known as the Small Business Lending Bill, on Thursday by a 61-38 vote. Two Republicans (Sens. Voinovich of Ohio and LeMieux of Florida) joined Democrats in final support of the bill.

Marine industry groups such as the National Marine Manufacturers Association and the Marine Retailers Association of America strongly supported passage of the bill.

"This is a bill MRAA supported that would cut taxes and help provide loans to millions of small business owners, including boat dealers," MRAA Chairman Ed Lofgren said in a statement following the bill's passage.

The package includes a new $30 billion loan fund to be administered by the Department of the Treasury that would provide financing to small business through qualified community banks. In addition, the bill provides for tax breaks to encourage investment that will cost $12 billion over the next decade.

The bill will now go to the House where it is expected to pass without changes. After that, it will move to the President's desk to be signed into law.

For a closer look at the Senate bill,click hereto read Jon Mohr's blog.